The UAE's investments and policies in climate action over the last 15 years have "quickly paid off".
Hana AlHashimi, who heads the office of UAE Special Envoy for Climate Change, Dr Sultan Al Jaber, said the UAE is continuously reviewing its strategy anddriving forward sustainable development goals.
She said the UAE regards climate-friendly policies as a market opportunity, not an imposition.
"Climate action is certainly at the centre of the UAE's economic growth and diversification strategy, and our investments and policies over the last 15 years have quickly paid off," she said.
The clean energy sector and agricultural innovation are two main areas where the Emirates seeks to drive change.
The Hope probe to Mars will support the UAE's mission to research and reduce global warming, said Ms AlHashimi in an online seminar hosted by the US-UAE Business Council where she called on the private sector to partner with the Emirates on green technology.
So far, the US, the EU, Japan and Korea, together with more than 110 other countries, have pledged carbon neutrality by 2050 with the purpose of keeping global warming below an average of 2° Celsius.
Also attending the webinar was David Livingston, senior adviser to John Kerry, US special presidential envoy for climate.
Mr Kerry visited the UAE last week, for the second time since he took up office, for talks with the Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Mr Livingston said the UAE was an important partner for the US on climate change.
"There's a recognition of the unique role that the UAE plays in the region – as among hydrocarbon-rich economies and producers.
"The UAE's greatest contributions to the climate challenge will come from decarbonising its own economy, scaling up the deployment of renewables and setting an example in that sense for the rest of the world.
"But also [its contribution] in terms of the innovations, the technologies that it develops, and in the way that it can reach emerging economies and major economies around the world, with some of those innovative solutions and models."
Need for speed
The UAE's enthusiasm to grasp the nettle of climate change was also mentioned by Mr Livingston.
"It's important to maintain a dialogue with partners that are willing to move fast, to move at a pace that the United States is looking to move that," he said.
"The Middle East is a part of the globe that is warming at twice the rate of the Earth's average warming. So it will bear the brunt of these challenges."
Both webinar guests spoke of the importance of the private sector in increasing investment and innovation in green technology.
Agriculture was identified as a key sector for eco-friendly growth, in particular in the UAE, where the country recently launched the first phase of Food Tech Valley, which aims to triple food production.
The Emirates has also invested heavily in solar energy, and more recently in green and blue hydrogen production, which are considered more sustainable than fossil fuels.
Ms AlHashimi said: "If I can give you one proof point – we have broken the world record for solar multiple times, and it's actually now the cheapest daytime power source in the Middle East, which enables industries and businesses to enjoy lower input costs and a smaller environmental footprint.
"This is really significant. Investment in solar power strengthened our economy and paved the way to a greener future.
"Now, the UAE is well positioned to take advantage of the new wave of green investment opportunities."
In pictures: Sheikh Mohammed launches Dubai Food Tech Valley
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
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